chilling or relaxing but in an exciting and social setting or manner. (Versus just regular "chilling" when you are busy or tired... a Chillabration or Chillation is chilling with friends and having a good time. You just happened to be radiating happiness about you while you do it!)

*Chillabration and Chillation are the same thing*

"My 21st Birthday happened to be a "sexy" chillabration!!!"
"I'm chillating right now and it is awesome!"